Q3 GDP growth at 7.2 percent

03 March, 2018, 06:22 | Author: Manuel Hopkins

It's official now. India has snatched back the title of the world's fastest growing major economy from China, going by the encouraging 3rd quarter growth numbers released by the Central Statistics Office (CSO) yesterday.

Most economists had predicted that a rebound which began in the last quarter would pick up momentum, but the growth rate - the best in more than a year - exceeded many forecasts. The construction sector grew by 6.8 per cent in the third quarter compared to 2.8 per cent in the previous quarter. Following this revelation, the government has revised its 2017-18 GDP growth estimates upwards from 6.5% to 6.6% now. Induced by increased imports, net exports also proved to be a drag on the overall economic growth, stated ANZ.

The new estimate for growth in the fourth quarter was based on a fuller set of data and reflected lower goods exports, reduced federal defence spending and shrinking revenues from intellectual property rights.

Yes, private sector services too are showing a pickup.

"Moreover, the recent developments like more stringent NPA guidelines and unveiling of scams would reduce the lending capacity of banks, and to that extent, growth may suffer".

"Government spending, which declined 1.8% YoY in the previous quarter, was up 24.6% in 3QFY18".

"If there was 6.9 percent growth, that would top China's 6.8 percent annual pace for October-December".

With the current growth figure, India Inc hopes that it will strengthen the position of county's growth in near future.

"It therefore doesn't really change the narrative for monetary policy". Investments, which grew around 6.9 percent in Q2, jumped to 12 percent. Similar was the view of Morgan Stanley and State Bank of India this week.

He said strong fixed capital growth also indicates that investment is picking up very well and agriculture and services have performed quite well.

Gross fixed capital formation grew at a multi-quarter high of 12 per cent over past year, government spending rose 6.05 per cent as against 2.9 per cent in the previous quarter, while private consumption rose 5.6 per cent, lower than the second quarter's 6.5 per cent.

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